Peoria area home sales were up 3.8 percent in the first quarter, compared to the same time last year. That amounted to 954 houses or condominiums sales closed. 35 more than the first quarter of last year.
Becky Peterson is the president of the Peoria Area Association of Realtors. She says there was dip in home sales for February but March was strong.
“Just March alone compared to last March was 7.6% which put us on the good side for the quarter of the 3.8. So we’re very pleased,” Peterson said.
The lower than expected interest rates and the number of pending sales so far in April suggest a very robust second quarter, Peterson said.
The average home price in the area for the January, February and March was $133,500 dollars and it took an average of 90 days to sell home.
There were slightly more than 2500 homes on the market at the end of March. Peterson says low interest rates are also enticing more renters and first time home buyers into the market.